News in Brief

ECO Single Currency Delayed Again

Jean-Claude Brou, President of the Economic Community of West African States (ECOWAS) has said that the community has agreed to delay the launch of the ECO, the single currency for ECOWAS, to 2027.

The idea of a single currency was first floated back in 1983. In 2019, ECOWAS agreed on the name, and the date of introduction of 2020. That date was missed, however, due to countries focusing on handling the pandemic and the need for more time for member countries to implement the necessary convergence criteria.

ECOWAS has 15 members, eight of whom use the West African franc, which the ECO would replace. The other seven are Nigeria, Liberia, Ghana, Cape Verde, Gambia, Guinea and Sierra Leone).